Achieve your goals
Design a plan that saves and helps your money grow, so you can reach your goals.
Financial planning isn't just about making money — it's about creating new opportunities to reach your goals.
The aim of financial planning is more than just managing your savings and investments. It's about helping you plan for a future lifestyle that is as good as it can possibly be. You work hard so why not make sure your money is working as hard as you are.
Whether you are in your carefree 20s, consolidating 30s, comfortable 40s or cruising 50s, the advice of a professional financial planner can be critical in helping you achieve your financial goals by developing a strategy that will work for you.
A financial planner is your financial coach who will assist you in deciding what you want to achieve and set strategies to help you reach your goals.
No matter what stage in life you are at it is never too early or too late to start planning for your goals and objectives and protecting what you have or what you may have in the future.
Davies Wealth Management advisers support clients through their changing life stages.
Entering the work force is usually the first step toward financial independence. It is also the best time to develop sound financial habits by preparing a budget, establishing a saving pattern, setting financial goals, and following a wise borrowing strategy.
Young adults face the task of learning how to manage spending and saving within the constraints of their income levels. Here are some approaches to consider:
The ages of 25 to 35 are considered to be the typical asset building phase, characterised by:
As most people spend the majority of this time working, now is the time to realise your lifestyle goals (such as buying your first home, saving for your children's education, and saving for retirement). Meeting these goals will involve balancing between living for today and meeting tomorrow's needs. Although this is one of the greatest challenges of the asset building phase, we need to remind ourselves that income for our retirement and later life funding comes from early investing activities or cash savings.
Risk protection at this stage is also vital. This can be achieved by purchasing an adequate mix of personal insurance that will cover Life, Total Disablement, Trauma & Income Protection insurance.
Financial planning, wealth protection, savings, investing, asset allocation and diversification strategies should be developed early — with the help of a professional — to make sure you are on target to meet your future goals as you move towards your next major phase of life.
The Wealth Generation stage generally occurs when your income is rising. However, nicer homes, nicer cars and children can easily consume your increasing income.
This is the time when the financial decisions you make will have the greatest impact on the financial lifestyle you will enjoy during retirement. By now, you should have accrued savings, as well as the expertise to make sound choices such as:
The opportunities to help increase your nest egg, come with a host of complexities. This makes good financial planning essential.
Retirement planning is an incredibly important step in everyone's life, regardless of age or profession. After all, everyone wants to live comfortably and enjoy themselves in retirement. So, it is essential to begin preparing and planning for retirement as early on as possible.
Statistics show you will probably spend at least 20 years in retirement — hopefully many more. So it's important to develop an appropriate plan to ensure that the dividends of your hard work last throughout your retirement years.
With most of your income earnings years behind you, it is critical that you protect and preserve everything that you invested your entire life to earn and accumulate. You need to protect what you can't afford to lose and develop predictable and tax efficient income strategies that will continue on long after you are no longer able to work.
The amount of money that is required for your retirement is highly personal and will depend of factors such as individual current lifestyles, general state of health, retirement assets, risk profile and the tax efficiency of investments.
Estate planning, although important at all stages of life, is especially vital during the transition to retirement phase and actual retirement phases. In simple terms, estate planning means having your affairs in order, enabling your family and loved ones to make decisions on your behalf upon your death or in the event of mental incapacity.
Retirement is something you should be looking forward to — not worrying about!
These years can and should be some of the most enjoyable and fulfilling times of your life. The freedom to live the retirement lifestyle of choice, and a sense of satisfaction with what you have accomplished, can make your golden years truly enjoyable. However, there are still financial issues that should be considered such as:
Thorough retirement planning, and successful execution of that planning, helps facilitate an enjoyable retirement.